Consolidation above the 100.00 level has seen bounce checked at the 102.00 congestion
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 105.40 | ** | Apr 2013 year high | S1 | 100.80 | * | 9 Apr high | |
R3 | 104.95 | ** | 29 Apr YTD high | S2 | 100.00 | * | congestion | |
R2 | 103.00/48 | * | congestion, 26 Apr high | S3 | 99.00 | * | Feb high | |
R1 | 102.00 | * | congestion | S4 | 98.60 | ** | Nov 2023 year high |
06:15 GMT - Consolidation above the 100.00 level has seen bounce checked at the 102.00 congestion. Rejection there keeps pressure firmly on the downside for retest of the 100.80 support then the 100.00 low. Negative daily studies suggest scope for break to further extend losses from the 104.95 high to the 99.00 level then the strong support at the 98.60, November 2023 year high. Would expect reaction here to correct losses from the April high. Meanwhile, resistance at the 102.00 level is expected to cap and sustain losses from the 104.95 spike high.